Following two consecutive daily green candles, Binance Coin (BNB) is approaching a critical level that could determine its next major move. As of September 1, BNB was close to falling below $500.
BNB formed an ascending channel on the daily chart in August, rising from $464 to $600. However, a subsequent 15% decrease threatened its progress, indicating a potential price crash similar to August 5.
Bulls helped BNB rebound to $536.40, nearing the $550-$560 supply zone where sellers outnumber buyers. Breaking past this region is challenging due to muted demand.
The MACD on the daily chart supports this bearish bias, indicating that BNB's rising price might not last long. A negative MACD suggests bearish momentum, making it difficult to break above $550.
Historically, BNB tends to drop below $520 or even $500 if it fails to break $560. This trend suggests that climbing toward $600 is unlikely in the short term.
On the upside, BNB could surpass overhead resistance and potentially hit $589.80 if broader market conditions improve.
